Cerberus explores options for refinancing Focus debt

US-based private equity firm Cerberus, which owns DIY/garden centre chain Focus, is taking advice from investment banker Lazard and is in talks about refinancing the firm's loans and overdrafts.

The business has 178 stores in Britain, with debts of £230m. It made a loss of £21m on sales of £490m in the year to 21 February. B&Q has a DIY market share of 27 per cent, Focus has 3.5 per cent.

Cerberus needs to spend £40m to roll out new Focus Genesis stores, according to reports. Other reports suggested the chain may be broken up, with B&Q, Homebase and Wickes buying stores.


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